Operations at Porgera mine will continue while the application for the Special Mining Lease is revised, concerns about the delay in the approval of the Ramu 2 project, and Wafi-Golpu still before court. Your weekly digest of business news.

Workers at Porgera. Credit: Barrick

Barrick Gold Corp has announced that operations at the Porgera mine will continue after PNG’s National Court ruled that the 1992 Mining Act applied to the mine. The decision means ‘Barrick can continue mining while its application to extend the special mining lease is being considered.’ Porgera is a joint venture between Barrick Gold and Zijin Mining Company; its current lease expires on 16 August 2019. (Barrick)

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China’s Shenzhen Energy Group has raised concerns about the delays in the approval of the US$2 billion (K6.7 billion) Ramu 2 hydro-power project. The construction was scheduled to begin in 2017, but the company is still waiting for approval. The project site is downstream from the Yonki Dam on the Ramu River and is expected to generate 210 megawatts of renewable energy when completed. (Post-Courier)

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Wafi-Golpu is a joint venture between Newcrest Mining Limited and Harmony Gold Mining Company Limited. Credit: Wafi-Golpu Joint Venture

The Wafi-Golpu project in Bulolo District, Morobe Province, is still before the court. Johnson Tuke, Minister for Mining, said:  ‘Because the matter is still before the court and I am not really at liberty to pronounce any work programmes. I would rather suggest that … we are still going through some processes.’

In the meantime, the general operation of the site as well as community programs, environmental monitoring and engineering continue at a reduced scale. (Post-Courier)

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PNG Governor Loi Bakani has said that foreign currency (forex) is ‘very stable at the moment.’ Commercial banks are clearing clients’ forex orders in an average of two weeks instead of six months. ‘The order book at the moment stands at about K1 billion,’ he told The National.

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Three PNG radio stations—Yumi FM, Nau FM and Legend FM—reach more Papua New Guineans daily that any other form of media in the country, according to a new survey by Tebbutt Research. ‘Each of the PNG FM station dominates its respective target market combining to make PNG FM the number one media organisation in PNG,’ said Peter Aitsi, PNG FM’s Chairman, about the results. (Post-Courier)

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Three financial institutions are now using the Retail Electronic Payment System (REPS), PNG’s National Payment System. REPS was launched to help to improve payments between banks and other financial institutions at reduced costs. (EMTV)

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China Civil Engineering Construction Corporation continues to work at Hela Province to complete the runway at Tari Airport.

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PNG Independent Consumer & Competition Commission (ICCC) has proposed to decline the authorisation of Air Niugini to partner with Philippine Airlines to provide code-share services between Port Moresby and Manila, the  capital of the Philippines. The decision comes after ICCC assessed the application and found that the code-share agreement proposed could ‘stifle the current level of competition and reduce the current levels of benefits realised by the travelling public.’  (PNG LCCC)

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The Ilimo Dairy Farm in Central Province is now producing yogurt and selling it in supermarkets throughout the country. (The National)

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On 5 September, the operations of Air Niugini’s non-stop service between Port Moresby and Nadi (Fiji) will commence. The service will operate once a week.  (Air Niugini)

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The newspaper The National has reported that Lihir Island landowners are calling on the government to address the issues of the current Lihir Agreements Review process.

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Photograph of the week

Vani Nades, Susil Nelson-Kongoi and Frederik Tamrua. Credit: LOOP PNG

Jo Burston, Founder of Inspiring Rare Birds, a company that aims to improve women’s economic security through different programs, announced three ambassadors for PNG last week—Vani Nades, Founder and CEO Emstreet Holdings Limited, Susil Nelson-Kongoi, Public Policy and Issues Manager for ExxonMobil PNG, and Frederick Tamrua, Principal Legal Officer (International Law)-Department of Justice and Attorney General, Office of the State Solicitor.

The mentors joining Inspiring Rare Birds’ Ambassador Program in PNG will be mentoring women entrepreneurs to help them grown their businesses.

Vani Nades will be a participant in the 2019 Papua New Guinea Investment Conference, Sydney on 19 and 20 August.